The rating of the above outlook was performed in the context that Fitch Ratings has announced to rate Vietnam's long-term foreign currency deposit ceiling at BB and raise the outlook from "Stable" to "Positive". This is an objective assessment, reflecting the growth recovery of Vietnam, one of the very few economies in the Asia-Pacific region and in the group of BB-class countries that can maintain positive growthat 2.91% in 2020 in the situation of COVID-19 pandemic.
Therefore, in line with the revision of Vietnam's national credit rating outlooklevel, Fitch Ratings has officially announced an adjustment to raise the credit rating outlook of EVNSPC to "Positive". This is very positive news, contributing to creatingmore favourable conditions for EVNSPC in accessing the domestic capital market as well as expanding to the international market in mobilizing capital for future projects.
Previously, on 6 January 2021, Fitch Ratings announced an international credit rating of "BB" with a "stable" outlook for EVNSPC. EVNSPC's rating is evaluated on the basis of the consolidated credit profile of Electricity of Vietnam (EVN) - the unit that owns 100% of EVNSPC's capital, in line with the criteria for evaluating the relationsbetween the parent and subsidiary companies by Fitch Fitch Ratings.
This is the fourth distribution corporation under EVN to perform the credit rating assessment, after the Hanoi Power Corporation (EVNHANOI), the Ho Chi Minh City Power Corporation (EVNHCMC) and Northern Power Corporation. (EVNNPC).